Saudi Arabia Will Boost Crude Oil Output To Fastest Rate In Decades
Sunday, June 15, 2008
* ArabianBusiness.com website brings us this report and it starts off like this... Saudi Arabia plans to raise oil output to 9.7 million barrels per day (bpd) in July to try and help tame record prices that have caused growing discontent among consumer nations, especially the United States... Saudi Oil Minister Ali Al-Naimi told UN Secretary-General Ban Ki-Moon that the kingdom would hike output by 200,000 bpd next month, Ban told reporters on Sunday during a visit to Jeddah, UAE daily The National reported on its website...
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Saudi in landmark oil output hike
* TheAge.co.au website reports it this way... Mounting pressure on Saudi Arabia to
lift crude oil production to record levels looks set to be rewarded, as political leaders again warned of the wider implications of persistent high prices... The oil-rich Arab nation was due to respond overnight to a New York Times report it would increase production by 500,000 barrels a day to just under 10 million barrels... If Saudi Arabian Oil Minister Ali al-Naimi confirms the 5% production increase it may reduce market concern about crude oil supply, which triggered a record one-day barrel price gain of $US10.75 last week...
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Saudi Arabia buckles as world demands rise in oil output
* Forbes.com reports...
The world's top oil exporter Saudi Arabia will boost output next month to the fastest rate in decades to help keep pace with demand and tame what it sees as unacceptably high fuel prices... Riyadh plans to lift output to 9.7 million barrels per day (bpd) in July, United Nations chief Ban Ki-moon said on Sunday after meeting Saudi Oil Minister Ali al-Naimi... That would be a rise of 550,000 bpd or over 6 percent since May and would take Saudi crude output to its highest monthly rate since August 1981...
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Saudis to pump oil at fastest rate in decades
Image credit: Kingdom of Saudi Arabia - Ministry of Petroleum and Mineral Resources
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